With overwhelming student debt, and factors such as increasing costs of living, a new housing and auto bubble, difficulty finding good work and the announcement that the Fed is raising interest rates in 2017 and beyond, many Americans are dealing with a pessimistic outlook that will be difficult to shake, even if the next administration kicks off on a high note. Insurance companies surveyed the landscape of the American household, and found that the younger the individual, the worse their fears for the future of the economy.
The two younger generations, millennials and Generation X-ers (under 35 and under 50, respectively), are the two most worried, with nearly 40% of the youngest and slightly more than 30% of the second youngest group both personally concerned about repaying debts and staying afloat.
A return of American jobs and a revitalization of the economy – long overdue after Obama’s 8 years of false recovery – would be welcome change, but it isn’t something that younger Americans, many of whom voted against Trump, have much faith it.
Indeed, with so many systemic factors stacked against them, and the looming prospect of a deeply flawed and failing economy, there may be good reason for concern.
As many people have unwisely taken on too much debt in the glut of cheap money – an era which is now rapidly coming to an end – there will be a desperate struggle to stay afloat and make ends meet.
For many Americans, credit card debt and other loans were the only means to keep going during an economic period that was stagnant and unforgiving. Though they borrowed money to pay bills, that flow didn’t result in better momentum in the way of pay, job advancement and personal household progress.
These are all bad signs for individuals Americans, and a testament to the fact that it will be a long road ahead to prosperity once again.
With the rise of social lending circles such as MoneyBuddies hope yet remains.